Craft a Compensation Philosophy
Lay the groundwork for compensation that is competitive, cost effective, and brand aligned.
Onsite Workshop
Without a compensation philosophy:
- The organization will experience difficulty managing compensation costs and decisions in a consistent manner.
- The organization’s approach to compensation will not be tailored to its strategy.
By having a compensation philosophy:
- The organization will pave the way towards pay transparency.
- The organization can effectively manage compensation costs.
- The right talent will be attracted to and retained by the organization through effective market positioning.
Module 1: Explore Internal and External Factors Influencing Compensation
The Purpose
Discuss challenges, explore internal and external factors influencing compensation, and identify competitors for talent.
Key Benefits Achieved
Use McLean & Company’s process to create a competitive, cost-effective, and brand-aligned compensation philosophy.
| Activities: | Outputs: | |
|---|---|---|
| 1.1 | Identify and discuss compensation challenges. |
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| 1.2 | Discuss internal and external factors influencing compensation. |
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| 1.3 | Identify competitors for talent. |
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Module 2: Draft a Compensation Philosophy
The Purpose
Determine high-level needs for compensation philosophy and prepare a draft.
Key Benefits Achieved
A drafted compensation philosophy for your organization will be prepared.
| Activities: | Outputs: | |
|---|---|---|
| 2.1 | Uncover fundamental compensation principles. |
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| 2.2 | Determine general market positioning. |
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| 2.3 | Select market positioning strategies and targets. |
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| 2.4 | Draft the compensation philosophy. |
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Onsite Workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn’t enough, we offer low-cost onsite delivery of our Project Workshops. We take you through every phase of your project and ensure that you have a road map in place to complete your project successfully.
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